Daily Alert – Wednesday 13th December 2023: All eyes on the Fed
UK GDP for October came in at a rather rubbish -0.3%, less than both the expectation and the September number.
In the US, the Producer Price Index for November also missed expectation but was still a positive number. So, evidence of the effect of Fed rate cuts but nothing to be alarmed about.
All eyes are on the Fed at 7pm, UK-time. It will probably be a damp squib. More interesting will be tomorrow’s central bank bunfights from London and Frankfurt.
I see no clear, high-probability trades at the moment. In the video, I show this quite clearly. But we continue to do the work of analysis and thinking, and never trade for the sake of it.
I will be back tomorrow to pick through the morsels from Powell, Lagarde and Bailey.
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